比特币与黄金：哪个将主导这个周期？

黄金再次宣称自己在全球市场上的统治地位，达到每盎司3,113美元的创纪录。随着投资者逃离风险较高的资产

Gold has once again hit a record high, reaching $3,113 per ounce as investors flee riskier assets amid increasing worries of an impending U.S. recession.

由于投资者越来越担心即将来临的美国衰退，Gold再次达到了创纪录的高度，每盎司售价3,113美元。

With economic uncertainty driving capital into traditional safe havens, many are left wondering: What does this mean for Bitcoin?

随着经济不确定性将资本驱动到传统的避风港，许多人想知道：这对比特币意味着什么？

Flight to Gold

飞往黄金

Over the past week alone, gold has surged by over 3%, marking its fifth consecutive weekly gain. This persistent uptrend has been fueled by escalating geopolitical tensions and fears surrounding the U.S. economy, especially in light of new tariff policies from the Trump administration.

仅在过去的一周中，黄金就飙升了3％以上，标志着其连续第五次获得每周收益。这种持续的上升趋势是由于围绕美国经济的地缘政治紧张局势和恐惧加剧了，特别是鉴于特朗普政府的新关税政策。

As a result, investors have beenpivoting fromeuities and cryptocurrencies into gold, ultimately cementing its role as a preferred safe-haven asset.

结果，投资者一直将腐败性和加密货币归为黄金，最终巩固了其作为首选避风港资产的作用。

Typically, gold flourishes in times of economic instability. Whenever investors anticipate a downturn, they instinctively seek out assets that hold intrinsic value. This pattern has played out repeatedly throughout history, and the latest price action confirms that gold is still regarded as the ultimate hedge against financial turbulence.

通常，在经济不稳定时期，黄金会蓬勃发展。每当投资者预计会下滑时，他们本能地寻求具有内在价值的资产。这种模式在整个历史上都反复发挥作用，最新的价格行动证实，黄金仍然被视为反对金融动荡的最终对冲。

Bitcoin’s Response: A Diverging Trend

比特币的回应：一个不同的趋势

Surprisingly, Bitcoin, often touted as "digital gold," has shown a slight negative correlation with gold in recent weeks.

令人惊讶的是，比特币通常被吹捧为“数字黄金”，最近几周与黄金有轻微的负相关。

While gold has been rallying, Bitcoin has struggled to maintain upward momentum, suggesting that investors may still be viewing it more as a risk-on asset rather than a direct hedge against economic turmoil.

尽管黄金一直在集会，但比特币一直在努力保持向上的势头，这表明投资者可能仍将其视为风险资产，而不是对经济动荡的直接对冲。

Since President Trump’s second inauguration, Bitcoin has faced increased volatility. The ongoing trade war and regulatory uncertainties have weighed heavily on the crypto market, leading to a more cautious approach from institutional investors. However, there are promising signs that this trend may not last forever.

自从特朗普总统第二次就职以来，比特币面临着增加的波动性。正在进行的贸易战和监管不确定性在加密市场上严重打击，从而导致机构投资者采取更加谨慎的态度。但是，有一个有希望的迹象表明这种趋势可能不会永远持续下去。

Signs of a Bitcoin Rebound

比特币反弹的迹象

Despite recent struggles, Bitcoin is showing resilience. U.S. spot Bitcoin ETFs have registered their second consecutive week of inflows, effectively reversing a five-week streak of capital outflows.

尽管最近挣扎，比特币仍表现出弹性。美国现货比特币ETF连续第二周注册了流入，有效地扭转了五​​周的资本外流。

This shift indicates that institutional investors may be shifting their strategy and regaining interest in Bitcoin’s long-term potential.

这种转变表明，机构投资者可能正在改变其战略并重新获得对比特币长期潜力的兴趣。

Furthermore, Bitcoin’s fundamental landscape appears to be strengthening. The U.S. has taken noteworthy steps toward creating a strategic Bitcoin reserve, and there are positive developments on the regulatory front.

此外，比特币的基本景观似乎正在加强。美国已经采取了值得注意的步骤来创建战略性比特币储备，监管方面有积极的发展。

These initiatives could act as catalysts for a major reversal, especially if gold’s rally eventually cools down and risk appetite returns to the market.

这些举措可以充当重大逆转的催化剂，尤其是如果黄金的集会最终冷静下来并冒险向市场恢复到市场。

The Bigger Picture: Gold vs. Bitcoin

更大的图片：黄金与比特币

While gold enjoys its moment in the spotlight, the greater battle between physical and digital assets in the new age is far from over. Bitcoin remains a rapidly evolving financial instrument, with increasing adoption among institutional investors and even nation-states.

尽管黄金在聚光灯下享有时刻，但新时代的物理资产和数字资产之间的更大战斗还远远没有结束。比特币仍然是一种迅速发展的金融工具，在机构投资者甚至民族国家中的采用量增加。

If gold’s surge is being driven by pressing fears of a U.S. recession, then it’s only a matter of time before Bitcoin experiences a significant comeback as more investors seek out high-growth alternatives.

如果通过对美国经济衰退的恐惧而推动了黄金的激增，那么比特币经历重大复出只是时间问题，因为越来越多的投资者寻求高增长的替代方案。

For now, all eyes are on the broader economic landscape. If the U.S. economy shows further signs of weakness, then expect gold to continue its rally—but Bitcoin’s return could be just around the corner. Investors should be prepared for potential volatility in both assets as they respond to shifting market dynamics in the weeks ahead.

目前，所有人的目光都关注着更广泛的经济格局。如果美国经济表现出进一步的弱点迹象，那么预计黄金将继续进行集会，但是比特币的回归可能只是拐角处。投资者应为两种资产的潜在波动做好准备，因为他们在未来几周内对市场动态发生了反应。